Marissa Mayer will make an annual base salary of $1 million as the new chief executive of Yahoo. Her pay package also includes bonuses, stocks and options that could be worth $129 million out the door if she stays at the Sunnyvale, Calif., company for five years.

The 37-year-old former Google executive announced Monday that she would take the top post at struggling Yahoo. She joined Google 13 years ago as its 20th employee and first female engineer, rising through the ranks to most recently become vice president of local, maps and location services at the search engine giant, overseeing the company's local and geographical products.

Within hours of her CEO announcement, Mayer also said that she and her husband, investor Zachary Bogue, were expecting their first child, a boy, in October. Mayer said Yahoo directors knew about her pregnancy during the hiring process. She plans to take a short maternity leave and has pledged to work through it.

Mayer's appointment came as a surprise: Yahoo interim CEO Ross Levinsohn, a media veteran, was widely expected to be named the permanent chief executive. Levinsohn has yet to announce whether he plans to stay with the company.